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Jan 21, 2013
01/13
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they're not trying to build a government institution. the rebels are not fighting for any particular cause. they are extracting these minerals--like gold, like tantalum, tin, and tungsten--in order to sustain themselves as predatory organizations. >> is the violence increasing, decreasing? >> it spikes. it comes in phases, and it's very localized. >> one recent spike centered on a village called kanyabayonga. we went there with united nations troops and found that a rebel militia had raided the village and burned 70 homes. why attack the civilian population? >> it's a very effective strategy. it scares the people. it terrorizes them into compliance. >> it's chaos. >> it's chaos that is organized in order to exploit the gold and other minerals for the enrichment of these armed groups, and it just keeps the cycle going and going until we break that cycle and begin to address the root issue here, which is the gold and the other conflict minerals. [ticking] >> coming up, the atrocities of gold trafficking. >> [speaking in foreign language] >
they're not trying to build a government institution. the rebels are not fighting for any particular cause. they are extracting these minerals--like gold, like tantalum, tin, and tungsten--in order to sustain themselves as predatory organizations. >> is the violence increasing, decreasing? >> it spikes. it comes in phases, and it's very localized. >> one recent spike centered on a village called kanyabayonga. we went there with united nations troops and found that a rebel...
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Jan 28, 2013
01/13
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>> in the short-term, spain has a more stable government. that's becoming unpopular, but at the moment, there's no threat to the majority of the popular party in spain. >> italy, we have an election coming up and anything could happen. we have a lot of strange things going on. there is a party which is looking like it will get around 15 cents a vote run by a former comedian. there's no clear political agenda, as well. there is a lot of political instability, but i think the long-term economic picture is in less trouble because it has much lower overall debt limits than spain combined. >> and how times have changed on that front. thanks very much for your time this morning. >> thank you. >>> growing market optimism fueled by a string of upbeat earnings has put equity markets on stronger footing. but u.s. budget sequester is supporting cutbacks and it could knock out market euphoria. can washington stop bickering for investors sake? read about that story on our website. a couple of things you can check out there, too, wall street is waiting fo
>> in the short-term, spain has a more stable government. that's becoming unpopular, but at the moment, there's no threat to the majority of the popular party in spain. >> italy, we have an election coming up and anything could happen. we have a lot of strange things going on. there is a party which is looking like it will get around 15 cents a vote run by a former comedian. there's no clear political agenda, as well. there is a lot of political instability, but i think the...
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Jan 22, 2013
01/13
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i think the onus is going to start shifting to the government itself and the government is looking ahead to an election, as we talked about many, many times. and here becomes the tricky part because they're trying to embark on structural reforms, they're talking about tax reforms, as well. this will be a multi layered process and hopefully they'll be in power long enough to deliver some of those changes. i think the market was expecting for the bank of japan to come in .deliver everything that was going to solve all of japan's problems after decades of recession, then they were probably misguided. but for the moment, the reaction we're getting from people who were watching japan is they probably took as many steps as they could today to try and address this decision. >> kaori, stay with us. ed, welcome. you just heard a little bit of the back and forth. what's your own opinion here on what the boj has or hasn't delivered? >> good morning. thanks very much for having me on the show. my opinion is i completely agree with everything kaori said. even more than that, i would say to the viewin
i think the onus is going to start shifting to the government itself and the government is looking ahead to an election, as we talked about many, many times. and here becomes the tricky part because they're trying to embark on structural reforms, they're talking about tax reforms, as well. this will be a multi layered process and hopefully they'll be in power long enough to deliver some of those changes. i think the market was expecting for the bank of japan to come in .deliver everything that...
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Jan 23, 2013
01/13
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in order for the form a government he will have to come close to form a government. conventional wisdom says, if he forms a government israel will be close to negotiations again. former anchorman turned politician made statements saying he ran on a platform on mandatory military service. we ran the numbers larry. >> appreciate it. with the prime minister's party working with a weak erer majori what does this mean for the u.s. in the middle east? sorry, ambassador ginsberg. the question is iran. not palestine and also president obama. how does this affect israel's relation wi relation? >> it is clear that the wings have been clipped. >>> if he is going to abide by we don't want you playing around with the united states relationship. he's going to have to be a lot more kinder and gentler to this president who won and overwhelming mandate to avoid going to war with iran. if you catch the president's speech and his address there were lines in there that made it clear that the president is going to walk the extra mile to see if he can engage iran rather than go to war wit
in order for the form a government he will have to come close to form a government. conventional wisdom says, if he forms a government israel will be close to negotiations again. former anchorman turned politician made statements saying he ran on a platform on mandatory military service. we ran the numbers larry. >> appreciate it. with the prime minister's party working with a weak erer majori what does this mean for the u.s. in the middle east? sorry, ambassador ginsberg. the question is...
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Jan 29, 2013
01/13
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the government owned the company. >> where are you willing to take this? think probably after building this firm over four decade you had to document what happened so you write this book, the aig story which is really an incredible read but now you pursue a lawsuit against the government. where are you going with this? ? hold on. all the facts were not own. it took us here's to get all the facts, okay. they were in the book and that's a difference as to that's been publicly acknowledged and what's in the book. second, look. there were thousands of people who lost their net worth at aig, pension funds. i owe it to them and i'll pursue that all the way to get justice, if that takes another five or ten years. >> and employees were cut as a result of what went on in. >> oh, okay. >> other you are a warrior trying to get something back from what was incredibly important to you, tied to your heart and soul and everything, built this firm and yet aig is not going along with you. benmoschy was on a couple weeks ago. i want you to hear what he has to say because i
the government owned the company. >> where are you willing to take this? think probably after building this firm over four decade you had to document what happened so you write this book, the aig story which is really an incredible read but now you pursue a lawsuit against the government. where are you going with this? ? hold on. all the facts were not own. it took us here's to get all the facts, okay. they were in the book and that's a difference as to that's been publicly acknowledged...
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Jan 23, 2013
01/13
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barely enough to govern. now with almost all the votes counted, it looks like a hung parliament. 60 seats on the right. 60 seats on the left. that means that netanyahu must now do something that really none of us took too seriously last night. he must reach out, as you say, across the aisle to the center left. that means turning to really the big winner in these elections. a newcomer named yayer lapit. a former news anchorman, charismatic head of a centrist, secular party which ran on mostly domestic, economic meat and potato issues. what will that mean policy wise? i think first we'll see early on a kick-start of the peace talks with the palestinians which have effectively been dead, those talks, for four years now. lapid is a strong president supporter of a two-state solution. we're likely to see movement there. that will, by the way, improve strained to say the least relations with the united states and the allies. but i don't think netanyahu's tough positions either on iran, on future air strikes in gaza,
barely enough to govern. now with almost all the votes counted, it looks like a hung parliament. 60 seats on the right. 60 seats on the left. that means that netanyahu must now do something that really none of us took too seriously last night. he must reach out, as you say, across the aisle to the center left. that means turning to really the big winner in these elections. a newcomer named yayer lapit. a former news anchorman, charismatic head of a centrist, secular party which ran on mostly...
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Jan 28, 2013
01/13
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as of last year for government assistance received during the financial crisis. the special master of executive compensation for approving pay plans president agi, gm, and ally. 54% of the firm's 69 top executives earned more than $3 million. only one earned less than $1 million. too much cash. 70% receiving salaries of half a million dollars while fewer took long-term stock grants that were dependent on the company's hitting specific benchmarks. also granted to executives ally's. that plans were improperly vetted and analyzed at the office of the special master. treasury in turn pointing out at these firms is down 50% since the office was set up. and the $350 billion owed during the initial offices per view. >>> stocks on a tear this month and this year. my next guest thinks it continues at least for now. >> liz ann saunders points to the strength of housing and manufacturing as for proof of the recovery. but he says stocks are headed higher but there's still anxiety we could see a pullback. they both join us here on set. let's talk to you first, liz ann. the be
as of last year for government assistance received during the financial crisis. the special master of executive compensation for approving pay plans president agi, gm, and ally. 54% of the firm's 69 top executives earned more than $3 million. only one earned less than $1 million. too much cash. 70% receiving salaries of half a million dollars while fewer took long-term stock grants that were dependent on the company's hitting specific benchmarks. also granted to executives ally's. that plans...
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Jan 26, 2013
01/13
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we've got a government that doesn't really appreciate business. we've got employment concerns in this country that makes it so you can't even fire people the way you might like to. why are you confident that you can be the last man standing when there are other countries on earth where they don't really have any rules about what they do to employees? >> that's a good question. the particular business we're talking about being last man standing and we will be was the touchscreen business, and it turns out we make the majority of our touchscreen controllers in china in one of the lowest-cost manufacturing operations in the world. in cypress's own assembly and test plant, which is about half the cost of a product when we ship it is in manila, and we've been in manila for almost 20 years. and we have fully automated robotic lines in manila. so we enjoy asian manufacturing costs in that market. what's here in silicon valley is what belongs here. the brain trust, the designers. in effect, it's like being an investment banks. you've got to be in wall str
we've got a government that doesn't really appreciate business. we've got employment concerns in this country that makes it so you can't even fire people the way you might like to. why are you confident that you can be the last man standing when there are other countries on earth where they don't really have any rules about what they do to employees? >> that's a good question. the particular business we're talking about being last man standing and we will be was the touchscreen business,...
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Jan 28, 2013
01/13
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restructuring how the govern nans is done? >> last year, i think $1.8 trillion of capital or credit for consumers or businesses. we had a problem. we've fully acknowledged it. it's the same bank that went through '07, '08, '09, 2010, 2011. for the most part, did fine. whenever a company makes a mistake, you should analyze it and try to be better for it. so most of the mistake was the. c.i.o. >> let me ask you about the u.s. we saw that mortgage originations were huge for you in the quarter. you've been talking a lot about the last couple of years of housing showing true improvement and having bottomed. where are you in that? what are you expecting in the next couple years? >> housing is totally bottomed. you saw today that homes for sales come so far down that they're in short supply. they're all leading indicators. it's cheaper to buy than to rent. all-time affordability. prices are low and mortgage rates are 3.5%. it's not going to be an absence for our economy. i really think at this point, the economy will drive housing. >
restructuring how the govern nans is done? >> last year, i think $1.8 trillion of capital or credit for consumers or businesses. we had a problem. we've fully acknowledged it. it's the same bank that went through '07, '08, '09, 2010, 2011. for the most part, did fine. whenever a company makes a mistake, you should analyze it and try to be better for it. so most of the mistake was the. c.i.o. >> let me ask you about the u.s. we saw that mortgage originations were huge for you in the...
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Jan 24, 2013
01/13
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more government handouts that bankrupt the taxpayers and the federal government. you know, what that's probably what's going to happen. at the end of the day, i hate to say this, obama is going to put more phony green taxpayer subsidies to more companies that will go bankrupt and on the side made -- >> you have thousands that have made money off the industry. >> now, house speaker says president obama wants to annihilate the gop. and will the senate pass a suspended debt ceiling bill as the house did today so there will be no default and no budget crackup. that's all coming up a little later on this hour. ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. >>> outgoing secretary of state hillary clinton was grilled on capitol hill by senate and house panels. the topic was benghazi attacks. if you missed it, this was definitely the most intense moment of the day, senator ron johnson of wisconsin asking mrs. clinton why the attack was not immediately called an act of terror. >> we
more government handouts that bankrupt the taxpayers and the federal government. you know, what that's probably what's going to happen. at the end of the day, i hate to say this, obama is going to put more phony green taxpayer subsidies to more companies that will go bankrupt and on the side made -- >> you have thousands that have made money off the industry. >> now, house speaker says president obama wants to annihilate the gop. and will the senate pass a suspended debt ceiling...
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Jan 23, 2013
01/13
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treasury, just for taking the auto company off the government's hands and running it. he used the $6 billion to modernize chrysler plants with state-of-the-art equipment to improve quality, upgraded 16 existing models in just 18 months, and began integrating chrysler and fiat's operations. obviously, you saw something in chrysler that you thought would fit well with fiat? >> yeah, from a product standpoint, they were the other half of the coin. when you put the two together, we were gonna come up with a product portfolio that was absolutely complete. >> chrysler's best assets were its jeeps, minivans, and light trucks. fiat's expertise was in small car technology and fuel-efficient engines, the very thing that chrysler lacked. and in april of 2012, the first product of that collaboration began rolling off the assembly line in belvidere, illinois. >> this car didn't even exist on paper in june of 2009. >> it's the dodge dart, the first new compact sedan that chrysler has produced in more than a decade. it's a slightly longer and wider version of the alfa romeo giulietta
treasury, just for taking the auto company off the government's hands and running it. he used the $6 billion to modernize chrysler plants with state-of-the-art equipment to improve quality, upgraded 16 existing models in just 18 months, and began integrating chrysler and fiat's operations. obviously, you saw something in chrysler that you thought would fit well with fiat? >> yeah, from a product standpoint, they were the other half of the coin. when you put the two together, we were gonna...
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Jan 25, 2013
01/13
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what it doesn't buy into is this notion by the left that government is omni present, the police will always be able to defend you. there's a healthy skepticism among americans we need have the ability to defend ourselves because yes there are criminals who will always have weapons and yes we do need to be able to defend fourselves for a variety of reasons and it's our right. >> how about a agree snad >> i can't buy a grenade. we're not talking about that. we're talking about a hand gun where it could fire more than one round. that's a semiautomatic weapon. that should be legal. that's what you all are talking about, an assault weapon? >> that's the problem with your argument. >> thank you all. we're come back. don't go anywhere. now we'll talk about some taxes. all right. get this. senate democrats are showing no shame as they plan to load up their very long awaited budget with plenty of new taxes, virtually no spending cuts. we'll have the latest on that. senator murray's memorandum breaks the case. we don't need more taxes, that's for sure. ♪ [ male announcer ] when we built the
what it doesn't buy into is this notion by the left that government is omni present, the police will always be able to defend you. there's a healthy skepticism among americans we need have the ability to defend ourselves because yes there are criminals who will always have weapons and yes we do need to be able to defend fourselves for a variety of reasons and it's our right. >> how about a agree snad >> i can't buy a grenade. we're not talking about that. we're talking about a hand...
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Jan 23, 2013
01/13
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ed, we have certainly got a lot of data points indicating there is strength in china, whether from government numbers or independent numbers. >> yep. >> are you a buyer of that? are you seeing that play on the commodities market? >> well, we have to remember, even at 7.8% or 7.9% growth, it's not 10 or 11% growth. so it's a sign that chinese growth has not slipped but the new norm for china is significantly lower than the old norm. and that means lower demand for commodities as well. >> right. and also, the thing you have to keep in mind in terms of the commodities trade is whether or not china is actually taking inventories of certain kinds of commodities, just because they're growing, just because they're building out subways and power lines doesn't necessarily mean the trade is always higher for all commodities across the board. >> absolutely. and we've seen this in oil, where imports have gone up, refinery has put us up, but don't know what is happening with the product and it does appear that final demand at the consumer level is not growing fast. and that may mean the chinese refiners t
ed, we have certainly got a lot of data points indicating there is strength in china, whether from government numbers or independent numbers. >> yep. >> are you a buyer of that? are you seeing that play on the commodities market? >> well, we have to remember, even at 7.8% or 7.9% growth, it's not 10 or 11% growth. so it's a sign that chinese growth has not slipped but the new norm for china is significantly lower than the old norm. and that means lower demand for commodities...
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Jan 25, 2013
01/13
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it does seem like a truce at hand deferring a ridiculous and harmful government shutdown. throwing a huge turn in china that converts believers every day along with stabilization of europe and you know why our multinational companies have at last powered higher. all that good news in the jobs it creates are causing a radical revision in what we're willing to pay for future earnings. that's right, the price to earnings multiple, the ratio of how much we'll pay for the profits companies are going to have down the road is headed north and therefore so are the stock prices. we're willing to pay up because of the prospect that things are, indeed better. let me show you what i mean. let's take the transports. they've been scorching, scorching despite the index being home to money losing airlines, beaten down trucking companies, worldwide freight plays, and the railroads -- which were just annihilated by an historic decline in the most important cargo, coal. what's happening now if the economy's getting better for the airlines? the seats are being filled, raising prices. for truc
it does seem like a truce at hand deferring a ridiculous and harmful government shutdown. throwing a huge turn in china that converts believers every day along with stabilization of europe and you know why our multinational companies have at last powered higher. all that good news in the jobs it creates are causing a radical revision in what we're willing to pay for future earnings. that's right, the price to earnings multiple, the ratio of how much we'll pay for the profits companies are going...
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Jan 24, 2013
01/13
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no chance of a canadian government letting a chinese company buy rim. somebody else may, but that won't happen. >> no chance of u.s. corporations doing business with a hardware/software maker owned by a chinese company. >> coming up on "halftime," shares of apple dropping on a big earnings disappointment. is there a bottom in sight for what is america's most valuable company, but that could change. we'll ask ubs' steve milunovich. will tonight's profit report get investors excited about the stock again? two traders, two opinions, one heated debate is coming up. >>> welcome back. the guys at five were told that the price target on apple could be hit soon following the company's disappointing earns. >> well, i think it is coming this year for sure. that's an awfully long time window. i think the way it is looking now, it should happen this quarter. >> talk like that raises the question, where is the bottom in apple? let's ask one of the top rated analysts on the street. steve milunovich joins us live from new york city. steve, always a pleasure. welcome b
no chance of a canadian government letting a chinese company buy rim. somebody else may, but that won't happen. >> no chance of u.s. corporations doing business with a hardware/software maker owned by a chinese company. >> coming up on "halftime," shares of apple dropping on a big earnings disappointment. is there a bottom in sight for what is america's most valuable company, but that could change. we'll ask ubs' steve milunovich. will tonight's profit report get investors...
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Jan 28, 2013
01/13
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and i hate to rely on the government to do these things for us, but the reality is that bad, and we have no choice. >> it's not the first time steel has turned to washington. a decade ago, the industry was on its knees, with competition from cheap imports and unsustainable retirement costs. for every steelmaker on the job, the company had to pay six to eight retired workers. the industry begged for a bailout. but whatever you were asking for, washington said no. and the industry collapsed, practically. >> we had 32 steel companies-- 32--in this country go into bankruptcy. you're talking in excess of 100,000 jobs disappearing. >> under bankruptcy, the companies shed their health care and retirement obligations. the industry bounced back because of consolidations, automation, and china. >> i would definitely say that the fact that the infrastructure was growing at the rate that it was growing in china and around the world, because of that, we had four or five really good years. >> but now steel is at the mercy of washington again. >> ...strong 'buy america' provisions. >> dimicco lobbied h
and i hate to rely on the government to do these things for us, but the reality is that bad, and we have no choice. >> it's not the first time steel has turned to washington. a decade ago, the industry was on its knees, with competition from cheap imports and unsustainable retirement costs. for every steelmaker on the job, the company had to pay six to eight retired workers. the industry begged for a bailout. but whatever you were asking for, washington said no. and the industry...
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Jan 23, 2013
01/13
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the house passed that bill to permit the government to keep on borrowing for about four more months. eamon jafers, the idea is to buy more time to get a budget deal right. >> that's exactly right, mandy. in the end, the final vote was, 285 to 144 so the measure does pass and what it does is two things. you are right, it buys time, kicks the debt ceiling back into may 19. that point they could borrow as much money as they like up to that point. after that they will reimpose a debt ceiling, they say. and suspect the pay of members of congress if their chamber of commerce hasn't agreed. politically wloo what it does is puts the debt ceiling fight down the list of political fights that are upcoming and it brings up the fight over sequestering. remember from the fiscal cliff. pe just kicked the sequestering back to the giping of march and political battle over spending cuts is something the republicans would much rather have as opposed to a fight over potential default on u.s. obligations in which they can be po portrayed as reckless. republicans liked it and voted for it but in the end t
the house passed that bill to permit the government to keep on borrowing for about four more months. eamon jafers, the idea is to buy more time to get a budget deal right. >> that's exactly right, mandy. in the end, the final vote was, 285 to 144 so the measure does pass and what it does is two things. you are right, it buys time, kicks the debt ceiling back into may 19. that point they could borrow as much money as they like up to that point. after that they will reimpose a debt ceiling,...
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Jan 28, 2013
01/13
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so, you get out of the dxj if you have the ability to short japanese government bonds, do it now. >> and tim, some of the other fundment am reasons that are going on in the population of japan, people are older, they're saving less, i mean, the savings right now is the same here in the united states. 2%. >> yeah, i think this continues. i think what's fundamentally different is that japan is actually seeking to pursue a budget deficit approach. they are effectively a trade surplus, budget surplus country. they are really pushing a weaker yen. this is leading to mass currency war talk. this is a big theme in davos, something that we've been hearing out of the emerging market countries. what is interesting now, a couple of the places like brazil and south africa, have inflation issues and they cannot weaken their currency that much. i think we continue to hear this. i don't think the move on the yen abait bates until we get to dollar. >> and if we get to that point, that could be good for the japanese automakers. they reported record global sales today. general motors was unseemeded at
so, you get out of the dxj if you have the ability to short japanese government bonds, do it now. >> and tim, some of the other fundment am reasons that are going on in the population of japan, people are older, they're saving less, i mean, the savings right now is the same here in the united states. 2%. >> yeah, i think this continues. i think what's fundamentally different is that japan is actually seeking to pursue a budget deficit approach. they are effectively a trade surplus,...
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Jan 24, 2013
01/13
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the french market is very much the uncertainty around tax success government. i think that will wash through. >> if we now believe in that, that impacted that small percentage of the population. >> from our point of view, the key issue was the uncertainty of the consumers and also the companies. one of the welcomes of the french government now gives us payroll tax credit which we were very positive about. unfortunately we don't know the exact amount. we're waiting for the details. in france at the moment, there is a sense of, look, can we get clear? >> it's amazing. it seems to me that this is the theme around the world. sernlt it is the theme in the united states right now. you're seeing corporations sit on their cash and wait for policymakers to come up with clarity so they can move forward. what is it going to take to actually move forward? what is it going to take, for example, to get france and poland to see consumers and moving once again? >> well, i think there are some differences country by country. france, it's a specific issue which is the tax regime
the french market is very much the uncertainty around tax success government. i think that will wash through. >> if we now believe in that, that impacted that small percentage of the population. >> from our point of view, the key issue was the uncertainty of the consumers and also the companies. one of the welcomes of the french government now gives us payroll tax credit which we were very positive about. unfortunately we don't know the exact amount. we're waiting for the details....
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Jan 23, 2013
01/13
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the government is borrowing the fed's money into existence, and it's driving another bubble in stock prices, what a surprise. >> all of which were the reasons why you were staying away from the market so now you're throwing in the towel on the political agenda. >> it wasn't so much driven into investors' heads that congress was incapable of embracing austerity. now we know. look, the sequestration was supposed to happen january 1st. punt on that one. debt ceiling, supposed to hit that. now it will be steve 19. there's no austerity. >> what michael is saying in a very long-winded way is don't fight the fed. not fighting the fed. the fed, europe, japan's now with b to go hog wild. >> sure, sure. >> the whole world is printing new money. >> abe, the new prime minister of japan, japan is at least discussing a new quantitative easing scheme for them. they are going to be printing a lot of yen. >> the point is all that tends to be good for assets like stocks? >> very stimulative. europe will have to start printing money as well to deal with their issues so you don't want to fight that liqu
the government is borrowing the fed's money into existence, and it's driving another bubble in stock prices, what a surprise. >> all of which were the reasons why you were staying away from the market so now you're throwing in the towel on the political agenda. >> it wasn't so much driven into investors' heads that congress was incapable of embracing austerity. now we know. look, the sequestration was supposed to happen january 1st. punt on that one. debt ceiling, supposed to hit...
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Jan 28, 2013
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these are all government contracts that are going to be effected. although this particular area of the market -- sorry. in defense has done very well since the november lows. up almost 13%, i think we're going to see a pullback as a result of this. >> well, so you think we're going to see a further instability going into the debt ceiling debate? >> absolutely. look what happened with the fiscal cliff. we're going to see nervousness. >> and yet mark you think the fundamentals are good for this economy and this market. >> i think so. while there has been some trepidation as to what the economy was going to look like in 2013 as we were going into the fiscal cliff negotiation at the end of last year, we've now seen in three consecutive months the third being this morning that durable goods orders rose. and in fact trailing three month advance in core capital goods orders is the biggest since the middle of 2011. so you have this mountain of cash in corporate america today. capital stock in the united states. it's the oldest in decades at about 17 years o
these are all government contracts that are going to be effected. although this particular area of the market -- sorry. in defense has done very well since the november lows. up almost 13%, i think we're going to see a pullback as a result of this. >> well, so you think we're going to see a further instability going into the debt ceiling debate? >> absolutely. look what happened with the fiscal cliff. we're going to see nervousness. >> and yet mark you think the fundamentals...
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Jan 21, 2013
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so we are expecting a right wing government, potentially a more right wing government than the one we had the previous five years. so, i mean, if year looking at potential coalition partners, we have the new right wing party or the resurgent right wing party is perhaps one of the obvious ones. but perhaps, as well, you know, really would be looking -- netanyahu, i'm sure, would be looking at the parties in the previous government to help inform the next government. >> we know netanyahu and obama visibility had the coziest of relationships. how does that complicate their relationship in the second term? >> well, it does appear that the tensions are becoming harder and harder to obscure. the two just don't get along. they're from different ends of the spectrum. i think it is going to be increasingly difficult. there are issues which the two fundamentally disagree. the u.s. is clearly intend on pursuing the iranians from getting a nuclear program. but israel even even that should be given the amount of ott sympathy. >> and where does this lev britain in all of this? >> i think the big is
so we are expecting a right wing government, potentially a more right wing government than the one we had the previous five years. so, i mean, if year looking at potential coalition partners, we have the new right wing party or the resurgent right wing party is perhaps one of the obvious ones. but perhaps, as well, you know, really would be looking -- netanyahu, i'm sure, would be looking at the parties in the previous government to help inform the next government. >> we know netanyahu...
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Jan 28, 2013
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we are still in the situation where banks have the market and government helping banks. so this is not a recovery. this is not a solution to a problem we had tp we have to setback the clock five years ago had readdressed the core of the problem. what is the problem? too much debt. too much centralization. anti-fragile system that recycles error for profit. just like i say, if you have a plane crash tomorrow, every plane ride would be safer. okay? no? that's how it should be. this is a good system. that not what we had. we made mistakes and remedy is not addressing the cause of the mistake and odds are the next mistake would be bigger. now we have a huge monster on, like a monkey on our back. >> very quickly. >> when people say that like bank bonds are rallying, doing well recently -- >> that's the government. >> but that because we have -- >> exactly. you're right. you are worried about why banks can borrow so cheaply. bank borrow cheaply because you lend them every april 15. you stop them up. this is not a healthy system. we have to address the core of the problem we ha
we are still in the situation where banks have the market and government helping banks. so this is not a recovery. this is not a solution to a problem we had tp we have to setback the clock five years ago had readdressed the core of the problem. what is the problem? too much debt. too much centralization. anti-fragile system that recycles error for profit. just like i say, if you have a plane crash tomorrow, every plane ride would be safer. okay? no? that's how it should be. this is a good...
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Jan 23, 2013
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>> i think the government should have pursued them. when we look at the biggest mess the industry was in. we weren't in them but then acquired mortgage city and got us back into it. it was such a mess, i don't think there was any question the government should have required the banks to go back and look to see what took place. i can only speak for our experience. there were errors in the national city process, no question. sweatled those and that's fine. i think what was happening was the government did a good thing, they were finding -- you might find a lot of technical errors and we'll deal with that. there really wasn't a great deal of foreclosing on people who didn't pay their bills. >> the bankers need a pr firm, too. just watching the media portrayal of settlements done, they divided $2 billion bay ty number of people affected and say the average homeowner only gets $800 and the bank gets away with it. you would think the everybody was foreclosed upon the individual had no complicity or responsibility in anything that happened. >
>> i think the government should have pursued them. when we look at the biggest mess the industry was in. we weren't in them but then acquired mortgage city and got us back into it. it was such a mess, i don't think there was any question the government should have required the banks to go back and look to see what took place. i can only speak for our experience. there were errors in the national city process, no question. sweatled those and that's fine. i think what was happening was the...
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Jan 24, 2013
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so we are beginning to see it particularly in china where the actions of the new government are starting to come through and translate into orders for us. >> well, i think that's very, very big. because i know when we saw each other, you described how many people you have working in china, right? >> yeah, we have about 4,000 people in china, which is our investment in the 21st century of demand, getting into the fastest growing markets of the world where they are building infrastructure and that infrastructure's being built around timken products. >> now, also, when we were there, i felt remiss. you do well in this country in part because you do have a great source of energy, right? american energy is playing right into timken's hands. >> well, in the united states, we have a good energy supply, but more than that, the change in the energy markets is creating a great opportunity for us. the growth of a domestic natural gas market -- drilling market, domestic fraccing market is creating a great opportunity for timken products. and that's part of what's driving our profitability. >> now, a
so we are beginning to see it particularly in china where the actions of the new government are starting to come through and translate into orders for us. >> well, i think that's very, very big. because i know when we saw each other, you described how many people you have working in china, right? >> yeah, we have about 4,000 people in china, which is our investment in the 21st century of demand, getting into the fastest growing markets of the world where they are building...
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Jan 25, 2013
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in other situations, where there is a degree of confidence where markets know that the governments are serious about what they're doing, the pace doesn't have to be as, you know, abrupt, as hard as fast and the pace can be slower in those situations. >> what are the implications of the uk leaving the eu? david cameron said he is going to have a referendum on this. >> you know, from an economic perspective, we expect europe to be a strong region and a strong player in the global economy. from an economic perspective, you don't want uncertainty. so our dear hope is that as usual the europeans will have discussions, will have debate, will argue, will face obstacles and hurdles and come out of it stronger and that's very much my personal hope with the uk. >> so glad you're checking on the program. thank you so much. great to see you. christine lagarde. >> stick around because maria has much more coming from davos including interviews with microsoft founder bill gates and pay pal cofounder peter thiel with incredible things to say about twitter. all of it not exactly positive. that is an in
in other situations, where there is a degree of confidence where markets know that the governments are serious about what they're doing, the pace doesn't have to be as, you know, abrupt, as hard as fast and the pace can be slower in those situations. >> what are the implications of the uk leaving the eu? david cameron said he is going to have a referendum on this. >> you know, from an economic perspective, we expect europe to be a strong region and a strong player in the global...
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Jan 24, 2013
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it's time for washington to start living within its means and high time for the federal government to get control of the unfund liabilities in the entitlement programs the way so many private sector industries have done. >> let me say on this ten-year idea for a moment. you've got your skeptics out there who say there's no way we'll get rid to balance, get rid of the 16 trillion debt in ten years, senator schumer in response to the debt limit talks said the gop, this is a quote, the gop is in full retreat on fiscal policy. >> you know, first of all, i don't think that's kind of remarks are very helpful. i mean, we have done about two and a half years of very consistent work focused on trying to get the fiscal outlook straight. you know, all the talk here in davos when i'm asked what's going on in washington, is washington finally going to get its act together to fix the fiscal chal snengs. >> we heard the president in the inauguration, what was his take? >> his speech was aimed at a political constituency. i assume he felt he needed to address. many of the things he mentioned aren't g
it's time for washington to start living within its means and high time for the federal government to get control of the unfund liabilities in the entitlement programs the way so many private sector industries have done. >> let me say on this ten-year idea for a moment. you've got your skeptics out there who say there's no way we'll get rid to balance, get rid of the 16 trillion debt in ten years, senator schumer in response to the debt limit talks said the gop, this is a quote, the gop...
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Jan 25, 2013
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and governments in the region oil producing governments tend to budget at that sort of level. natural gas, of course, a much bigger variation and the u.s. has become competitive in petrochemical and other sectors because of the shale gas revolution. >> and of the that's on commodities. mike brown, impacted deeply by what happens with the mining industry in south africa. we've seen a lot of fallout from the platinum mine disruptions. you're exposed there. how are you measuring that? how is that going to affect you? >> certainly it has a large effect on the country as a whole. there is now dialogue taking place between business, government and labor to try and resolve those issues. more directly in terms of our bank, clearly we have a large minerals business. but i'm very pleased to say that we've had no direct exposure today. >> are you going to have to increase provisions at all for bad debts? >> no, i don't believe that our provisions will increase as a direct result of this at all. >> okay. but what happens if it continues? this is going to drag the economy down, as well. it
and governments in the region oil producing governments tend to budget at that sort of level. natural gas, of course, a much bigger variation and the u.s. has become competitive in petrochemical and other sectors because of the shale gas revolution. >> and of the that's on commodities. mike brown, impacted deeply by what happens with the mining industry in south africa. we've seen a lot of fallout from the platinum mine disruptions. you're exposed there. how are you measuring that? how is...
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Jan 23, 2013
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in terms of changing the bank, restructuring how the governance is done. >> look, i'm very proud of jpmorgan. you know, last year i think 1.8 trillion of capital or credit for consumers or businesses. we had a problem, you know, we've fully acknowledged that we've undressed ourselves in the public and the rest of the bank is pretty well controlled and pretty well managed. the same bank that went through '07 and '08 and '09 and 2010 and 011 and for the most part did fine. whenever a company makes a mistake, you should analyze it and be better for you and make sure you apply best practices across the country. there are a couple of things we learned applying across the company. >> what kind of safeguards can you share with us that you are applying? >> look, everything we do risky, a gap in our fortress wall, and then the one -- the one that's going to go across all companies, we use models extensively, just make sure they are always used properly for the right way. we should get model obsessed. start to run your business on models, you'll get in trouble, too. >> pretty extraordinary that even w
in terms of changing the bank, restructuring how the governance is done. >> look, i'm very proud of jpmorgan. you know, last year i think 1.8 trillion of capital or credit for consumers or businesses. we had a problem, you know, we've fully acknowledged that we've undressed ourselves in the public and the rest of the bank is pretty well controlled and pretty well managed. the same bank that went through '07 and '08 and '09 and 2010 and 011 and for the most part did fine. whenever a...
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Jan 29, 2013
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if you're investing in a bond fund at the moment, investing in government bonds and those government bonds are yielding 2% and the costs from top to bottom of that fund is 3%, it's a pretty stupid decision. right. >> yeah. i mean, over time, and maybe if you're a retail investor, you're retailing in pensions and mutual funds, how much do costs higher costs damage funds? if you're doing over 10 or 15 years -- >> this is one of the great wonders of the world, it's compounding. so people think there's only an extra 1%, 1.5% if you're investing at 20 or 30 years, that's 30% of your capital gone in fees and costs. and it's like going up an escalator. more for the fees and charges, the higher that speed of the escalator and the harder it is to actually end up ahead. now, it doesn't mean that people can't achieve that. it just means it's harder if there's a lot of costs. >> we know the etp industry crossed the $2 trillion mark. does it cross the $3 trillion mark? and how soon? >> i don't know how soon. i just think it's a great way to invest. it has incredible advantages. >> four years from
if you're investing in a bond fund at the moment, investing in government bonds and those government bonds are yielding 2% and the costs from top to bottom of that fund is 3%, it's a pretty stupid decision. right. >> yeah. i mean, over time, and maybe if you're a retail investor, you're retailing in pensions and mutual funds, how much do costs higher costs damage funds? if you're doing over 10 or 15 years -- >> this is one of the great wonders of the world, it's compounding. so...
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Jan 25, 2013
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they're going to have to have a fight about a government shutdown. this is what they should be arguing about. what does the government spend money on? what should it spend money on? how much revenue should be coming in? let's make the argument about that, not about whether the government should default. >> you just -- >> -- i agree with him. >> no, i -- i just think everybody's too -- i mean the question i would ask austan i know we're going to break but i'd ask austan people are very bearish on growth. what if they're wrong and trend growth isn't 1.5 to 2, it's 2.5 to 3 or 3.5 to 4. what does that do to this discussion? >> thanks. we are -- >> i think people are going to be surprised. >> let's pick up on that note. richard bernstein, austan goolsbee are both with us for the rest of the program. joe? >> all right. coming up several stocks on the move this morning. we'll tell you what to watch next. and all next week on "squawk," leading up to the super bowl we'll be talking to nfl owners as part of our "squawk" owners box series. the texans, the dolp
they're going to have to have a fight about a government shutdown. this is what they should be arguing about. what does the government spend money on? what should it spend money on? how much revenue should be coming in? let's make the argument about that, not about whether the government should default. >> you just -- >> -- i agree with him. >> no, i -- i just think everybody's too -- i mean the question i would ask austan i know we're going to break but i'd ask austan people...
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Jan 22, 2013
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, his entire government in per lynn today. festivities mark 50 years since the treaty of friendship was signed. that's knight nice. a joint cabinet meeting and parliamentary session is being held also. today's events come as the two countries struggle for a common vision as crisis hit europe. and it's nice that -- >> friendship? >> yeah, after that cold and nasty occupation thing in world war ii and all. meantime, in brussels, european finance ministers are meeting. they're expected to give their approval to allow 11 states to start preparations for imposing a tax on all financial market transactions and measures likely to unsettle banks and houses. for more on the story coming out of europe today, let us head to london to kelly evans who is standing by this morning. i like that necklace. i don't know what it means -- what it's saying to me. it kind of looks like -- >> it's telling you to buy goad, joe. it's a subtle signal to investors. i coordinate my wardrobe with the prevailing market move. >> yeah. >> i was thinking you w
, his entire government in per lynn today. festivities mark 50 years since the treaty of friendship was signed. that's knight nice. a joint cabinet meeting and parliamentary session is being held also. today's events come as the two countries struggle for a common vision as crisis hit europe. and it's nice that -- >> friendship? >> yeah, after that cold and nasty occupation thing in world war ii and all. meantime, in brussels, european finance ministers are meeting. they're expected...
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Jan 28, 2013
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any government. the government. isn't it time they stop making their own rules because that's not why people elected them and go by the constitution versus get around it because everybody including our kids get around things and it really isn't the lesson government should be teaching. back to you. >> rick, thank you. >>> one analyst just downgraded shares in apple. his thoughts ahead. [ wind howls ] [ dog barks ] ♪ ♪ [ male announcer ] something powerful is coming. ♪ see it on february 3rd. ♪ (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. awarded five-stars from smartmoney magazine. >>> let's get the "squawk on the street" for a monday. we had a showdown
any government. the government. isn't it time they stop making their own rules because that's not why people elected them and go by the constitution versus get around it because everybody including our kids get around things and it really isn't the lesson government should be teaching. back to you. >> rick, thank you. >>> one analyst just downgraded shares in apple. his thoughts ahead. [ wind howls ] [ dog barks ] ♪ ♪ [ male announcer ] something powerful is coming. ♪ see...
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Jan 29, 2013
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listen, the government put the sequestration and debt ceiling on vacation for six to ten weeks. therefore, the markets are concentrating right now. as we move through february, you can believe sequestration is going to come to the top again. when it does, it will have that whole sense of anxiety. >> let me answer questions. we are seeing revenue growth now. we have no revenue growth last quarter, now almost 4% in the quarter. if we get an acceleration even modestly top line growth, 5% maybe, that will go right to the bottom line. >> i want to get to rick santelli. he had an auction that went off the board. how does it look, ricky. >> doesn't look bad. we'll give it a grade in a minute. one issue market at 1:00 eastern was 89 basis points bid offered at 88.5. this yield on the auction .889, on top of the side of the market. close to the 10 auction affair, 397 on the indirects. we had 16.8 on directs, which is a little better than 13% 10 auction average but nowhere near the 30 we had last look. remember, directs have been very powerful. all in all, this was another b auction just
listen, the government put the sequestration and debt ceiling on vacation for six to ten weeks. therefore, the markets are concentrating right now. as we move through february, you can believe sequestration is going to come to the top again. when it does, it will have that whole sense of anxiety. >> let me answer questions. we are seeing revenue growth now. we have no revenue growth last quarter, now almost 4% in the quarter. if we get an acceleration even modestly top line growth, 5%...
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Jan 24, 2013
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you think fracking happened because of the government? >> right. >> you think that the move to natural gas happened -- we were playing around with wind mills and solar. >> which would actually disadvantage us relative to the rest of the world and not solve the problems. we do need long-term other forms of energy. and we should invest in basic research to try to make those types of technologies more cost competitive. what we probably shouldn't do is spend tens of billions of dollars building plans for things that are inherently inefficient, or cost disadvantage. >> right. >> darp sachlt a great example of a government program that has worked spectacularly well. their budget is in the low billions of dollars and they do fundamental research that can then be exploited by the private sector. and that's probably a better model. >> exactly. >> we're going to continue this conversation with scott sperling. he's our guest host today. in the meantime the squawk ceo call on davos continues. let's get back to andrew. he has another special guest. an
you think fracking happened because of the government? >> right. >> you think that the move to natural gas happened -- we were playing around with wind mills and solar. >> which would actually disadvantage us relative to the rest of the world and not solve the problems. we do need long-term other forms of energy. and we should invest in basic research to try to make those types of technologies more cost competitive. what we probably shouldn't do is spend tens of billions of...
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Jan 23, 2013
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which is we are going to have a default or either a default on debt or selective payment of federal government obligations, appears to be melting away and that puts us back in the more conventional political back and forth about budgets and the automatic cuts. sequester. that gets us back to where we were in the 1980s. it is more of a norm of a political process. if we can stay there, that's good news for this president because it reduces a threat to the economy and of course good news to people working in the economy in the financial market. >> john harwood, thank you very much. to mary thompson now with breaking news. >> announcing charges against three alleged international cyber criminals. the three have been charged again in infiltrating computers around the world, about a million computers around the world, including 40 thousand here in the u.s. with a virus known as the gozi virus. the plot the cyber criminals wanted to actually access information including bank account information in an effort to steal money from those accounts. also, the virus infected the computers at nasa. again, th
which is we are going to have a default or either a default on debt or selective payment of federal government obligations, appears to be melting away and that puts us back in the more conventional political back and forth about budgets and the automatic cuts. sequester. that gets us back to where we were in the 1980s. it is more of a norm of a political process. if we can stay there, that's good news for this president because it reduces a threat to the economy and of course good news to...
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Jan 26, 2013
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it's just another government dependency transfer payment. that's what bothers me about this. >> i understand but you're painting with much too broad a stroke. you're right about private insurance but these are social programs. today's generation pays for the retirement benefits of the generation that preceded it. where eberstadt's numbers are completely -- as my grandmother would say, he completely lumps in the national cost problem. it's worse in the private sector than the public. social security costs are manageable. if we don't manage the medicare pressures, we'll -- >> that's a perfect example. we're going to have a health care system where we're going to be sending checks to buy health care insurance for families making almost $100,000 a year. that's what i mean by expanding the welfare state. >> those families may have to pay higher premiums and i think that's a reasonable policy. >> because of obama care. >> i got to cap this. you're both great. i just think that we're worried about damaging the social fiber and work ethic of this co
it's just another government dependency transfer payment. that's what bothers me about this. >> i understand but you're painting with much too broad a stroke. you're right about private insurance but these are social programs. today's generation pays for the retirement benefits of the generation that preceded it. where eberstadt's numbers are completely -- as my grandmother would say, he completely lumps in the national cost problem. it's worse in the private sector than the public....
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Jan 28, 2013
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there's a new government. they just came inta power and they're going after some big vested interest. they're going to start to crackdown on some of the monopolies or duopolys or whatever you want to call them. they started to crackdown on corruption. they just busted another ten guys over the weekend. they've published editorials. they're trying to shake things loose there in a way that they haven't -- >> well, i -- you know, i don't know how we got back to that again. >> the mistresses on tape? >> yeah. >> it's the only kind to have, apparently. >> we're talking about possible pit falls. >> pit falls because i think china is facing -- look, the low hanging fruit for the last 20 years was there, right? they've gotten now to be a middle income country. to get from a middle income to a high income country is difficult. they're going to have to do things to shake things looks in a way that we cannot anticipate. >> mike, you talked about how those monsters got put back into the cage. when you hear what michelle i
there's a new government. they just came inta power and they're going after some big vested interest. they're going to start to crackdown on some of the monopolies or duopolys or whatever you want to call them. they started to crackdown on corruption. they just busted another ten guys over the weekend. they've published editorials. they're trying to shake things loose there in a way that they haven't -- >> well, i -- you know, i don't know how we got back to that again. >> the...
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Jan 22, 2013
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these are not typical government agency people who don't know. there's a fallacy out there that they don't know what is happening here in this business. i can tell you if you think that's the case, you are dead wrong. they understand exactly what people are doing and they will find you. >> and now there's this expectation that mary jo white, not a policy wonk, but a former prosecutor may run the joint. >> i think those there will welcome this. they talk about civil and criminal litigation. i think they're very disappointed that the criminal side of wall street policing has not been able to put as many people in jail. i think they would welcome somebody like mary jo white who's got the criminal background to get the agencies to work closer together. they're proud of the civil litigation they're able to bring. >> what would you say about the fact they're having this conversation with you? does it raise their expectations? >> i think they want to make the point, because there was a period in the christopher cox led s.e.c. that enforcement was not re
these are not typical government agency people who don't know. there's a fallacy out there that they don't know what is happening here in this business. i can tell you if you think that's the case, you are dead wrong. they understand exactly what people are doing and they will find you. >> and now there's this expectation that mary jo white, not a policy wonk, but a former prosecutor may run the joint. >> i think those there will welcome this. they talk about civil and criminal...
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Jan 24, 2013
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scrutiny for posting on facebook about the viewer growth, but says the government is just behind the times. >> regular fd is about protecting the smaller investor. they don't want to give special information to carl icahn or someone else. facebook has a public mode that goes to hundreds of thousands of subscribers. it is very much in the interest of the little investor. so we feel very good about it. and i think the regulatory process will work out those things. >> i'll have more from my exclusive interview with ceo reed hastings on "power lunch." find more about this interview on my blog. >> a lot of investors going there right now. thank you, julia. >>> does wall street have it all wrong when it comes to netflix? the ceo of zora recently published on all things d that is much as they love subscription businesses, wall street has a fundamental misunderstanding of how to evaluate them. here to explain the note is the ceo of zora, tim zwell. a provocative piece where you argue things like price to earnings ratio is an eps are meaningless metrics. what doesn't the street understand? >>
scrutiny for posting on facebook about the viewer growth, but says the government is just behind the times. >> regular fd is about protecting the smaller investor. they don't want to give special information to carl icahn or someone else. facebook has a public mode that goes to hundreds of thousands of subscribers. it is very much in the interest of the little investor. so we feel very good about it. and i think the regulatory process will work out those things. >> i'll have more...
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Jan 25, 2013
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it's just sitting there offshore in mostly government bonds offshore. they could bring it back. i think what would be most likely would be a much more aggressive share repurchase. they won't do a one-time dividend like they did years ago. >> your sneaky long is up 1.5%, rick. thanks for stopping by. >> thank you. >> rick sherlund. >>> what do family ties and initial public offering have in common? we'll find out when the ceo of bright horizons joins us next. say farewell to secretary geithner. we'll talk about his legacy and the challenges for his successor, jack lew. ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. barrow island has got rare kangaroos. ♪ chevron has been developing energy here for decades. we need to pr
it's just sitting there offshore in mostly government bonds offshore. they could bring it back. i think what would be most likely would be a much more aggressive share repurchase. they won't do a one-time dividend like they did years ago. >> your sneaky long is up 1.5%, rick. thanks for stopping by. >> thank you. >> rick sherlund. >>> what do family ties and initial public offering have in common? we'll find out when the ceo of bright horizons joins us next. say...
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Jan 23, 2013
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the government doesn't work this fast. i worked for them. former irs accountant dee dee stone, now in private practice, was handling the books for this man, ron allen, who controlled a string of limited partnerships in dallas. >> these companies had no sales, but they had all the loans, and the only assets they had were receivables from other related companies. >> convinced the whole thing was a ponzi scheme, she snuck into the office on a weekend and found all the evidence in one drawer. >> you could see where the money was coming in from investors and being transferred out to his companies and to his wife. >> were you scared? >> i was. i was terrified. it was a sunday so it wasn't real likely anyone was going to come in. >> no one came in and stone brought her findings to the s.e.c. in april, 2011, a federal judge shut down what the s.e.c. called an $8 million ponzi scheme. without admitting guilt ron allen and his wife agreed to pay more than half a million dollars and dee dee stone collected a bounty under the new s.e.c. whistle-blower p
the government doesn't work this fast. i worked for them. former irs accountant dee dee stone, now in private practice, was handling the books for this man, ron allen, who controlled a string of limited partnerships in dallas. >> these companies had no sales, but they had all the loans, and the only assets they had were receivables from other related companies. >> convinced the whole thing was a ponzi scheme, she snuck into the office on a weekend and found all the evidence in one...